WESPAC Advisors SoCal LLC Has $13.35 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

WESPAC Advisors SoCal LLC decreased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,724 shares of the semiconductor manufacturer's stock after selling 18,587 shares during the period. Broadcom makes up 3.5% of WESPAC Advisors SoCal LLC's investment portfolio, making the stock its 9th largest holding. WESPAC Advisors SoCal LLC's holdings in Broadcom were worth $13,348,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Sunbeam Capital Management LLC acquired a new position in Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth about $30,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $32,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth about $25,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth about $26,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the sale, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Up 1.8%

AVGO traded up $5.10 during trading on Wednesday, hitting $283.69. The company had a trading volume of 20,467,451 shares, compared to its average volume of 27,725,330. The business has a 50-day moving average of $257.70 and a 200-day moving average of $221.40. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $295.19. The company has a market cap of $1.33 trillion, a PE ratio of 106.25, a P/E/G ratio of 1.98 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $10.96 earnings per share. As a group, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has authorized a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.83%. Broadcom's dividend payout ratio is currently 88.39%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. KeyCorp upped their price objective on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. UBS Group upped their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Wells Fargo & Company upped their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom presently has a consensus rating of "Buy" and an average target price of $292.08.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.